Currently viewing Global edition

Vizsla doubles on drilling results

Shares in well-funded explorer Vizsla Resources doubled yesterday as investors appeared also thrilled by high-grade drilling results from the Napoleon vein at its Panuco silver-gold project in Mexico.
Vizsla doubles on drilling results Vizsla doubles on drilling results Vizsla doubles on drilling results Vizsla doubles on drilling results Vizsla doubles on drilling results

Vizsla Resources’ share price charged to a new peak on drilling results from Napoleon at its Panuco project in Mexico

Staff reporter

The company reported highlights including 3.7m at 12,922g/t silver-equivalent - or 2,889.9g/t silver, 107.9g/t gold, 4.8% lead and 4.56% zinc - from 69.5m.

The intercept was part of a wider 6m grading 1,808.2g/t silver, 66.8g/t gold, 2.99% lead and 3.3% zinc.

"We are thrilled with these high-grade results as they support our understanding that the Napoleon vein system remains open along trend to the north and south and at depth," president and CEO Michael Konnert said.

"Being fully-funded, Vizsla intends to provide steady drilling news flow over the summer months."

Vizsla had heralded the Napoleon discovery in June. 

The company has a 14,500m drilling programme underway at Panuco.

It had raised C$4.6 million at 43c per share in June to advance the project and for working capital and general corporate purposes.

Vizsla has the option to acquire the newly-consolidated 9,386.5ha Panuco project.

It said the Napoleon vein corridor was located almost entirely on concessions optioned from Rio Panuco, where Vizsla has the right to purchase 100% including the 500 tonne per day El Coco mill, tailings facility, roads, power and permits for US$23 million.

Vizsla shares (TSXV: VZLA), which listed on the TSX Venture Exchange almost two years ago, shot up from the previous close of C$1.12 to an all-time high intraday of $2.24.

They closed up 96% to $2.20, capitalising it about $131 million (US$96 million).